NCLT Admits Section 7 Plea as Corporate Guarantor Admitted Debt & Default

Krishkan Investment Private Limited Vs Utkal Steels Limited (NCLT Ahmedabad) The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the Financial Creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The matter was transferred from the Cuttack Bench to the Ahmedabad Bench of the NCLT because the Corporate Debtor had acted as a corporate guarantor for another company, the Principal Borrower, against whom CIRP had already been initiated under Section 9. The Financial Creditor stated that it had sanctioned an...